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Downloadable PDF

Credits: 2

Qualifies For: IRS

$39
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Calculating Tax Basis for a Subchapter S Corporation (CTSS)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

One of the more complex areas of S corporations is the determination of basis, but through worksheets and practical examples, this course provides a step-by step approach. The calculation of AAA, the effects of distributions and redemptions, and shareholder liabilities are examined in detail. This course begins with a review of the basis-adjustment rules concerning stock and debt and then proceeds to examine in many examples their application with respect to variations in circumstances and tax attributes. Elective ordering and the allocation of adjustments to different blocks of stock or debt are reviewed. The second section of this course deals with the complex rules dealing with distributions to shareholders and the corporation issue of computing an accumulated adjustment account. The second section also focuses on elective changes in the ordering rules or in closing the books for purposes of making pro rata allocations to shareholders when there is a termination or a significant disposition of a shareholder's interest. The major focus is understanding how a shareholder keeps track of adjusted basis in stock and debt. The third section deals with how basis is adjusted in loss years and tax planning in such loss years.

Major Topics:

  • The calculation of tax basis, which is critical because it is the baseline (literally) for calculating gain to shareholders

Learning Objectives

  • Understand, with the aid of examples and worksheets, the variables in calculating basis
  • Calculate basis, factoring in all variables, some of which are elective

Who should take this course:

Designed for:

Prerequisite:

None

Advanced Preparation:

None

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